A risk prioritization matrix is a tool to improve consistency in the qualitative assessment of workforce safety & health, public health & safety, environmental and asset and business & reputation risks. The purpose of the matrix is to provide a single tool for qualitative assessment of risks. It is designed to help asset management teams and project development teams identify, prioritize, and manage risks of existing facilities, activities and projects logically and consistently.
There is wide variance in risk matrices designs based on operational and business complexities. Matrices size may range from 5x5 up to 8x8 depending on how granular a company wants to define its likelihoods and consequences. Individual companies must decide on an appropriate scale for each of the consequence levels (incidental, minor, moderate, major and severe) and also decide whether to distinguish consequences between workforce health and safety, public health and safety, the environment and business asset impacts.
For the purposes OSA guidance materials, the OSA has selected the below simplified 5x5 risk matrix to use for learning and educational purposes. OSA participants should select a risk matrix appropriate for its specific operations.